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Tech Guy Opening Calls & Comments 5/8/23

July Wheat - Steady


July Corn - 1 to 2 Lower


July Beans - 3 to 4 Lower


July Wheat had a small correction day today, falling off 7.75 cents to 652.50. There are a lot of areas above current prices where potential resistance could occur. They are highlighted with red horizontal lines and red arrows and a blue line.


Remember, all resistance and support is created from what happened before on the chart (to the left). July Wheat, we will say, has a bunch of traffic up above. This doesn't mean wheat will pause or correct at all the potential places.


However, they are all areas that need to be watched. Spend some time staring at the July Wheat 8 hour chart so you can spot these areas. One highlight is a shaded out area marking a series of swing lows - this is what price responded to today. Check it out.


Support for wheat is 640 to 635 and next resistance is 708-709.


July Corn paused and consolidated today between 594 and 600, right before it reached an old swing low to the left. This type of price action is indicative of a bull market - where price consolidates just below resistance so energy can be built to exceed the resistance.


Support in July Corn is about 590 and resistance is 601 and 613, and then quite a bit higher at 648. Check out the 2 hour chart.


You will see on the 2 hour July Bean chart that the market corrected just below some resistance created by the expanding triangle at 1448. Once soybeans exceeds 1448 the next time, it should be able to mark up prices faster.


For now, beans are still kind of stuck in this big triangle basing pattern that's happening and support is 1428 & 1422. Resistance is 1449 to 1464. After conquering the 1464 area, the July bean bulls will have 1501+ in there sights.


Check out the 2 hour bean chart and look at all these areas which are mentioned.


June Crude Oil Update:

Starting about 2 months ago crude began expanding it's range from about 10 bucks to 19 bucks. You will see the sideways channel from December to March, then it broke down lower and rebounded up above the previous channel.


We could say, after resting a few months to build energy crude began waking up. Oil has traveled the 19 dollars up and down to mark a double bottom. The top of the W formation is 83.53 and today closed near 72.85.


The current trend is up since last Wednesday and Thursday and the target higher is 83.53. Before that however, crude will have resistance at 77, then 79. Current support is just below the market at about 72.40 and lower at 69.50. You will see everything I'm talking about on the June daily Crude Oil chart.



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